It is always a huge reality check for young adults when they realize that they need to file taxes for the first time. It is one of those steps into adulthood that many young people aren’t ready for. It can be difficult to know what you need to do when you have never filed your taxes before and don’t have someone that can help walk you through the process. Mark Dicus & Company is here to share some tips that will help the first time filer get ready for this big step into adulthood.
What First Time Filers Need to Do to File Their Taxes
Following are some of our best tips to help first time filers feel ready to file their tax returns.
– Find Out if You Have to File: The first thing that you need to do is make sure that you need to file your taxes. If you earned more than $13,850 in the year, then you will be responsible for filing taxes. Even if you don’t have a job but you made more than $1,250 on interest from investments, you will be required to file. If neither of these circumstances pertain to you, then you are probably off the hook for another year.
– Get Started Filing Taxes: When you know that you need to file your taxes, don’t put it off. Get started as soon as you can. The sooner you get your tax return filed, the sooner you will get any refund that is coming to you. You will want to talk to a tax professional, gather all the necessary documents, and even do some research on any questions that you might have about the process.
– Gather Tax Documents: There are several documents that you need to have in your possession to file your taxes. You will need your Form W-2 or a 1099 Form if you are a contractor of some sort. You will also need all of your personal information gathered like an ID, social security information and documents like that. If you are paying for education, bring that documentation as well as it can help you at tax time.
– Take Charge of Your Money: When it comes to filing your taxes, you will want to know if you are getting a refund or are going to owe the IRS money. If you paid more to the IRS in taxes than you needed to, there will be money coming back to you. If you didn’t pay enough, you will likely owe. This is all going to depend on your withholdings. You can decide which way you want this to go. Changing your withholdings can either give you a bigger paycheck now and a greater chance that you have to pay later. When you have more taxes withheld, you have a greater chance of getting a return.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are unsure about what needs to be done to file your taxes, you can turn to Mark Dicus & Company to help you get better prepared for tax day. Call us today!